07:00 Thu 12 Jan 2017
Red Rock Resources - Shoats Creek Update
("Red Rock" or the "Company")
Shoats Creek Update
Further to the announcement of
Highlights:
·
· Operator Mayan Energy Estimates LM20 Production at 70 barrels of oil per day ("BOPD") - 14 BOPD net to Red Rock
· LM13 Well Tested for Inclusion in Field Development Program - New Payzones Under Consideration
Shoats Creek Overview
The Company was recently informed as to the latest developments at its investment in the
LM 20 Well
The LM20 well has now been reported to be connected to the local gas line, however a variety of down-well factors have kept production levels from stabilizing as desired. The Company expects ultimate production levels to stabilize in the region of 70 BOPD. This will result in 14 BOPD net to Red Rock. Red Rock retains a 20% working interest ("WI") and 14.4% net revenue interest ("NRI") in LM20.
LM 13 Well
The LM13 well has been tested with a view to including it in the fields overall development program. A Rok Quad Neutron Log was used to test the LM13 to assess its viability for reentry and workover. This testing revealed two previously unknown pay formations at 2,600 and 2,900 feet respectively.
Mayan Energy reports that these formations had previously been reported as water bearing and that the utilization of modern technology strongly indicates at these formations may be comparable to the deeper
Additional information will be provided as to developments at
Red Rock Chairman
Delays were evident as senior and field management were radically changed over the summer and autumn of 2016 leaving
While a relatively small investment compared to our holdings in Jupiter Mines the Board retains its belief that
Notes
Attention is drawn to the announcement by Mayan today for further information on the developments at
For further information, please contact:
Scott Kaintz 0207 747 9990 Director
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd
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